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NEW BRUNSWICK TRUST CO. v. COMMISSIONER OF INT. REV.

No. 10091.

180 F.2d 959 (1950)

NEW BRUNSWICK TRUST CO. v. COMMISSIONER OF INTERNAL REVENUE.

United States Court of Appeals Third Circuit.

Argued February 23, 1950.

Attorney(s) appearing for the Case

Martin W. Meyer, Washington, D. C., (A. Dudley Watson, New Brunswick, N. J., Robert Holt Myers, Washington, D. C., on the brief), for petitioner.

Irving I. Axelrad, Washington, D. C. (Theron Lamar Caudle, Asst. Atty. Gen., Ellis N. Slack, and A. F. Prescott, Spl. Asst. to Atty. Gen., on the brief), for respondent.

Before BIGGS, Chief Judge, and GOODRICH and HASTIE, Circuit Judges.

GOODRICH, Circuit Judge.

The question to be determined on this appeal is the taxpayer's liability for federal taxes for the year 1945. The Commissioner asserts liability and the Tax Court agreed with him.1 The taxpayer does not dispute the amount of the tax, but its liability to pay any tax at all because of a statute which gives exemption, under certain circumstances, to reorganized banks and trust companies. Int. Rev. Code, Section 3798...

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